Oil Snaps 10-Session Gain On Economic Concerns - WSJ

http://online.wsj.com/article/BT-CO-20100107-711683.html?mod=WSJ_latestheadlines

"Chinese demand has offered key support for oil in 2009 and OECD (Organisation for Economic Co-operation and Development) demand is not there to fill the void," said Brad Samples, analyst with Summit Energy, in Louisville, Ky.
But he noted that it's not clear whether this monetary move could be bad for the Chinese economy or whether China may start to take away fiscal support because it believes the economy can stand on its own.

The Labor Department had reported Thursday that the number of U.S. workers filing new claims for jobless benefits rose by 1,000 last week to 432,000. The gain was less than expected, supporting some expectations that the job market is bottoming out.

"The market will look to see if unemployment is petering out at this level and what this will do for consumer spending and can it support (oil) consumption," said Samples.